M&S boss Steve Rowe promises growth as clothing suffers

M&S' clothing sales have been in decline for some time (Source: Getty)

Helen Cahill

Marks & Spencer’s (M&S) chief executive promised investors he would bring clothing sales back to growth today, as another set of figures from the retailer showed its key division was in decline.

Speaking to investors at M&S’ annual general meeting (AGM), Rowe said he would bring like-for-like clothing sales back into positive territory, and that figures were sagging because the firm had been moving away from a vicious cycle of discounting.

Both moves were controversial, but Swannell told investors today that they were the right thing to do for the future of the business. He admitted there had been “execution glitches along the way”, however.

Shareholders repeatedly complained to Swannell about the drop in M&S’ share price. By the close today, the retailer’s shares were down 4.69 per cent at 323p.

He said that the board was not concerned with day-to-day fluctuations in the share price, and was instead looking at providing long-term value for shareholders.

However, one shareholder challenged Swannell, saying: “Long-term, long-term, long-term. When will long-term come?”

Another shareholder implied that, as Swannell was leaving M&S, he had no personal investment in the company and would be working for someone else soon.

“I will not be looking for another alternative,” he said. “Ask my wife, she’s in the front row.”